RBI directions Archives

RBI imposes penalty of Rs. 10.4 lakhs on HP Financial Services for failing to adhere to its KYC, NBFC, and IT framework regulations for the non-banking financial sector

HP Financial Services not only failed to establish a periodic review of risk categorization of accounts but also failed to form an IT Strategy Committee as well as an IT Steering Committee.

Legislation Updates Notifications

RBI imposes penalty amounting to Rs. 1.91 crores on Axis bank Limited for failure to comply with Banking Regulation Act, 1949 and RBI Directions

Axis bank contravened S. 19(1)(a) of the Banking Regulation Act as one of its wholly owned subsidiaries was engaged in an impermissible business as per S. 6 of the Act.

Case Briefs High Courts

[RBI Master Circular on fraud classification] Bombay High Court stays action by banks till September 11

Bombay High Court noted that all the petitions in the instant matter complained against the violation of principles of natural justice while following RBI directions.